Loss Mitigation & Quality Control Supervisor

RONDOUT SAVINGS BANK; Rondout (NY); On-site; USD 70,000 - 95,000; Full time

Job summary

Rondout Savings Bank is seeking a Loss Mitigation & Quality Control Supervisor to lead the loan servicing team and ensure strict compliance with policies and regulations. The role covers loss mitigation, foreclosure, bankruptcy actions, and REO management, aiming to sustain financial health.

You will prepare monthly delinquency and loan loss reserve reports, and provide timely investor and management reporting while supervising repossessions and 1099s as needed.

Qualifications

• Educational & Certification Qualifications: High school diploma or equivalent.
• Experience Qualifications: Must have 1-3 years of experience in banking.
• Exhibits strong analytical and query writing skills.
• Excellent verbal and written communications skills, along with analytical and organizational skills, customer service experience, ability to work independently and as a team.
• Attention to detail and ability to meet deadlines.

Responsibilities

• Oversee loan servicing, including loss mitigation, collections, foreclosure, bankruptcy and REO activities.
• Prepare delinquency and loan loss reserve reports monthly.
• Report monthly to investors, MI companies and management as required.
• Manage repossessions and 1099 preparations and submissions as needed.
• Monitor HELOC and ARM activity and related notifications.
• Stay current with credit bureau reporting changes, investor requirements, and update procedures accordingly.

Skills

Analytical skills

Query writing

Microsoft Office

Customer service

Attention to detail

Education

High school diploma or equivalent

Tools

Microsoft Office

Job description

Description

We are seeking a dedicated and detail-oriented Loss Mitigation & Quality Control Supervisor to oversee the servicing of loans, ensuring compliance with all relevant policies, procedures, and regulations. This role offers an excellent opportunity to lead a team responsible for managing loan collections, loss mitigation efforts, foreclosure processes, bankruptcy actions, and REO management, contributing to the financial health and regulatory compliance of our organization. Additional responsibilities include, but are not limited to:

• Responsible for collection, loss mitigation, and foreclosure recommendations, and recommendations for charge off for all mortgages, home equity and consumer loans, construction loans in accordance with Investor, MI Company, Federal, State, local, and Rondout Savings Bank’s policies and procedures.
• Assisting with collection of Commercial loans when needed.
• Maintaining a high level of understanding of all investors and MI Collection and Loss Mitigation products and programs.
• Managing all investors and rank REO through disposition.
• Managing bankruptcy actions from notification through clearance.
• Managing foreclosure actions from referral through reinstatement or acquisition.
• Preparing delinquency and loan loss reserve reports monthly.
• Reporting monthly to investors, MI companies and management, as required.
• Managing repossessions, as needed.
• 1099 preparations and submissions, as needed.
• Responsible for monthly and quarterly reporting including vacant and abandoned property reporting, investor delinquency and status reporting, MI company delinquency and status reporting, NYSDFS 90-day notice issuance and subsequent reporting, as required.
• Completing VOSR on a quarterly basis, as it pertains to delinquent loans.
• Monitoring and recommending loans to non-accrual and accrual status based on the bank’s policies and procedures.
• Handling credit bureau disputes received through e-Oscar or by the borrower ensuring that the information provided to the credit is accurate and correcting errors timely.
• Checking new loan setups for both residential mortgage and consumer loans to ensure accurate boarding to core system.
• Performing the monthly Freddie Mac reconciliation for Freddie Mac custodial accounts and any other accounts, as needed.
• HELOC monitoring including draw period expiration notices and conversion from draw period to repayment period.
• ARM monitoring including interest rate changes and notifications.
• Keeping abreast of changes in credit bureau reporting changes, system updates, and other task requirements and recommending updates to procedures, as needed.
• Pulling reports and reviewing, and updating accounts – daily, weekly, or monthly as required and correcting any exceptions as needed for both residential mortgage and consumer loans including posting and others, as needed.
• Performing a monthly reconciliation of Freddie Mac custodial accounts.
• Keeping abreast of changes in investor, MI, federal, state, and local requirements and updating procedures accordingly and recommending changes to policy when needed.

Requirements

Knowledge and Skill Requirements

• Educational & Certification Qualifications: High school diploma or equivalent.
• Experience Qualifications: Must have 1-3 years of experience in banking.
• Exhibits strong analytical and query writing skills.
• Excellent verbal and written communications skills, along with analytical and organizational skills, customer service experience, ability to work independently and as a team.
• Attention to detail and ability to meet deadlines.
• Proficient in Microsoft Office.

Physical Requirements

• Prolonged periods of time sitting at a desk and working on a computer.
• Ability to walk up and down stairs.
• Must be able to lift up to 10-20 pounds at times.